John Cockerill India (500147) Q1 25/26 earnings summary

Executive summary

• Specializes in designing, integrating, maintaining, and upgrading industrial equipment, focusing on steel, defense, energy, hydrogen, and maintenance services.

• Indian hub for cold rolling mill complexes, serving 29+ countries and employing 400+ in India.

• Global revenue of €1.2 bn in CY23; India revenue ~Rs. 3.9 bn in CY24.

• Unaudited financial results for the quarter ended March 31, 2025, were reviewed by the Audit Committee and approved by the Board on May 13, 2025.

• Operates in a single segment: Original Equipment Manufacture and Project Management.

Financial highlights

• Q1CY25 revenue at INR 764 mn, down 48% year-over-year from INR 1,471 mn.

• Revenue from operations for Q4 FY25 was ₹7,642.43 lakhs, down from ₹7,777.86 lakhs in Q4 FY24 and up from ₹7,233.87 lakhs in Q3 FY25.

• EBITDA improved to INR 48 mn from a loss of INR 4 mn in Q1CY24; EBITDA margin rose to 3.2%.

• PAT at a loss of INR 7 mn, compared to a loss of INR 4 mn in Q1CY24; PAT margin at -1.0%.

• Net loss for Q4 FY25 was ₹147.47 lakhs, compared to a net profit of ₹361.73 lakhs in Q4 FY24 and a net loss of ₹178.34 lakhs in Q3 FY25.

Outlook and guidance

• Signs of market stabilization in Q1CY25, with customer enquiries indicating potential recovery.

• Steel prices stabilizing post-election and with China’s production cuts; expected improvement in profitability for steel players in CY25.

• Results are dependent on gross margins of the product and project mix, which vary each quarter and impact financial performance.